6 Tips to Build a Successful Construction Company
Read books on building a business, listen to podcasts, attend seminars, and talk to experts and you’ll quickly find out one thing: there is no ideal blueprint for building a successful business.
Each business owner has their own story and tips to hand out along the way as each experience is different and unique.
When it comes to building a successful construction company (pun clearly intended), that journey is going to be different than others.
In a time where the construction industry is experiencing a worker shortage, how can you make sure your company is built to last?
Choose a Proper Niche
Choosing your niche is vital when it comes to your construction business and that’s largely going to be influenced by your surrounding area.
If you live in Texas, then one of the best areas of construction you can jump into is residential construction. Thanks to low unemployment rates and a strong economy, more and more people are moving to the Lone Star State.
It’s best to investigate what your city or state needs and choose a niche that will provide plenty of work for you and your company for years to come.
Pay Your Employees Well
With the country in the midst of a skilled worker’s shortage, you may struggle to find carpenters, masons, or electricians as quickly as you would expect. In some areas, for every four workers that retire, only one will come and take their place.
That means competition is fierce among construction firms to bring in the best workers for the job. If you’re looking to cut back on expenses by shaving down a few dollars on someone’s hourly rate, they’re more likely to bail and go find work elsewhere.
Pay well and keep your employees around!
Get to Know Technology
If you don’t consider yourself the most tech-savvy person around, then it’s time to start learning a bit more. Technology is already an integral part of the construction industry and is only going to grow in importance over the next decade.
Drones, robotics, virtual reality, software, 3D printing, and more are all making waves across the construction industry. You don’t have to make sure you’re using all of these with your business, but having a firm grasp on technology is a must for anyone in the construction industry.
Network Like Crazy
When it comes to finding work, the best way to make sure you’re staying busy is to network with everyone you meet. When you start out, you may not have the marketing budget to place billboards around town or have the strongest online presence.
While you should look into some digital marketing efforts, a lot of your networking efforts can be taken care of in the old-fashion way: through word of mouth.
Talk with friends and neighbors and make sure you’re practicing great customer service when it comes to servicing clients.
Cover All Your Legal Bases
When it comes to jumping through legal hoops, you’d be hard-pressed to find an industry that has more legal hoops than construction. With the job being so high-risk, there are lots of things that you as a business owner have to do before you can ever hammer in your first nail.
First off, you’re going to have to apply for a business license and all the correct permits. Depending on your niche, that could vary greatly.
You’re also going to have to invest in a lot of insurance, including liability and worker’s compensation. Exactly what you’ll need will vary state by state, so make sure you are doing adequate research so you don’t violate any laws or codes.
Embrace the Green Movement
It’s hard to find an industry that’s not affected by going green and construction is no different.
Going green in construction means a few different things, such as using reusable materials, cutting down on waste at the construction site, opting to rent equipment instead of buying equipment, and using technology to make the worksite more efficient.
Not only will you play your part in helping conserve the environment, but consumers are choosing companies that go green. It’s definitely great PR for your company!